When I hold the pedal down and stop the pedal will continue to go down slowly till the brakes completely let off. Like its bleeding back into the master cylinder or something, do i just need to bleed the MC?

It sounds like your master cylinder is leaking inside. I had this problem and I replaced the master cylinder and the problem went away. Now I can put my foot on the brakes and it stays there (it used to hold for a second, and then go slowly to the floor).

You need to rebuild or replace the master. Fluid is leaking past the seals on the plunger body in the Master. Bleeding will not do anything. If you don't repair the master,one day in the near future you will step on the brakes and it will just continue down to the floor..

ditto! its shot!
I just had the same problem wirth my cluch master, I would be at a stop signe and next thing you know I would be learching into trafic <IMG SRC="smilies/eek.gif" border="0">

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I have a Brand New Master Cylendar for sale if you want it. It is an after market from Cool Cruisers. Let me know jfatep@teleport.com

Just picked one up on warranty, fixed my prob, thanks guys